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Frederick’s 4Q Sales Plunge 18.1%

(Filed Under Financial and General Interest News). During this year’s fourth quarter, Frederick’s of Hollywood’s net sales dropped 18.1 percent, to $34,463 million from $42,093 million, driven by a 56.9 plunge in wholesale segment sales. The company also posted losses in its retail segment, with total store sales down 6.9 percent, comparable store sales down 6.5 percent, and direct sales—which encompass catalog and website operations—down 11.9 percent.

During fiscal 2009 ended July 26th, 2009, net sales dropped 3.3 percent, to $176,310 million from $182,233 million; total store sales decreased 6.2 percent while comparable store sales decreased 6.5 percent; and direct sales decreased 10.4 percent.

“Our 2009 fiscal year-end results are disappointing,” said Thomas Lynch, the company’s chairman and chief executive officer. “Weak macro-economic conditions and the significant reduction in our wholesale business magnified the challenges of integrating our retail and wholesale divisions, and highlighted the need for additional capital resources, stronger management, enhanced brand stewardship and an improved business structure.”

Frederick’s of Hollywood Group, Inc. sells women’s intimate apparel and related products under the Frederick’s of Hollywood brand through 130 specialty stores nationwide, as well as through the company’s catalog and website. Through its wholesale division, the company designs, manufactures, sources, distributes and sells women’s apparel.

For further information, contact Thomas Rende, CFO of Frederick’s of Hollywood: (212) 798-4700.

more Financial and General Interest News >>

Published 11-06-2009 by Amanda Torres Price

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